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Kurs & Likviditet

Kursutveckling och likviditet under dagen för detta pressmeddelande

Beskrivning

LandFinland
ListaLarge Cap Helsinki
SektorIndustri
IndustriIndustriprodukter
Huhtamäki är ett tillverkningsbolag. Bolaget bedriver verksamhet inom förpackningsindustrin. Bolagets förpackningar används för livsmedelsprodukter och innefattar fiberförpackningar, kartonger, koppar och övriga behållare. Produkterna levereras huvudsakligen till kunder inom livsmedelsindustrin på global nivå, främst inom Europa, Sydamerika och Asien. Bolagets huvudkontor ligger i Esbo, Finland.

Kalender

2023-10-20 Kvartalsrapport 2023-Q3
2023-07-20 Kvartalsrapport 2023-Q2
2023-04-27 Årsstämma 2023
2023-04-27 Kvartalsrapport 2023-Q1
2023-02-09 Bokslutskommuniké 2022
2022-10-21 Kvartalsrapport 2022-Q3
2022-09-30 Halvårsutdelning HUH1V 0.47
2022-07-21 Kvartalsrapport 2022-Q2
2022-04-28 Halvårsutdelning HUH1V 0.47
2022-04-27 Årsstämma 2022
2022-04-27 Kvartalsrapport 2022-Q1
2022-02-10 Bokslutskommuniké 2021
2021-10-21 Kvartalsrapport 2021-Q3
2021-09-30 Halvårsutdelning HUH1V 0.46
2021-07-22 Kvartalsrapport 2021-Q2
2021-04-23 Halvårsutdelning HUH1V 0.46
2021-04-22 Kvartalsrapport 2021-Q1
2021-04-22 Årsstämma 2021
2021-02-11 Bokslutskommuniké 2020
2020-10-22 Kvartalsrapport 2020-Q3
2020-09-17 Ordinarie utdelning HUH1V 0.89 EUR
2020-07-23 Kvartalsrapport 2020-Q2
2020-04-29 Kvartalsrapport 2020-Q1
2020-04-29 Årsstämma 2020
2020-02-13 Bokslutskommuniké 2019
2019-10-23 Kvartalsrapport 2019-Q3
2019-07-19 Kvartalsrapport 2019-Q2
2019-04-26 Ordinarie utdelning HUH1V 0.84 EUR
2019-04-25 Kvartalsrapport 2019-Q1
2019-04-25 Årsstämma 2019
2019-02-14 Bokslutskommuniké 2018
2018-10-25 Kvartalsrapport 2018-Q3
2018-07-20 Kvartalsrapport 2018-Q2
2018-04-26 Ordinarie utdelning HUH1V 0.80 EUR
2018-04-25 Årsstämma 2018
2018-04-25 Kvartalsrapport 2018-Q1
2018-02-14 Bokslutskommuniké 2017
2017-10-26 Kvartalsrapport 2017-Q3
2017-07-21 Kvartalsrapport 2017-Q2
2017-04-28 Ordinarie utdelning HUH1V 0.73 EUR
2017-04-27 Årsstämma 2017
2017-04-27 Kvartalsrapport 2017-Q1
2017-02-15 Bokslutskommuniké 2016
2016-10-26 Kvartalsrapport 2016-Q3
2016-07-22 Kvartalsrapport 2016-Q2
2016-04-22 Ordinarie utdelning HUH1V 0.66 EUR
2016-04-21 Kvartalsrapport 2016-Q1
2016-04-21 Årsstämma 2016
2016-02-11 Bokslutskommuniké 2015
2015-10-22 Kvartalsrapport 2015-Q3
2015-07-24 Kvartalsrapport 2015-Q2
2015-04-22 Ordinarie utdelning HUH1V 0.60 EUR
2015-04-21 Kvartalsrapport 2015-Q1
2015-04-21 Årsstämma 2015
2015-03-05 Kapitalmarknadsdag 2015
2015-02-12 Bokslutskommuniké 2014
2014-10-23 Kvartalsrapport 2014-Q3
2014-07-18 Kvartalsrapport 2014-Q2
2014-04-25 Ordinarie utdelning HUH1V 0.57 EUR
2014-04-24 Årsstämma 2014
2014-04-24 Kvartalsrapport 2014-Q1
2014-02-06 Bokslutskommuniké 2013
2013-12-11 Kapitalmarknadsdag 2013
2013-10-25 Kvartalsrapport 2013-Q3
2013-07-19 Kvartalsrapport 2013-Q2
2013-04-26 Ordinarie utdelning HUH1V 0.56 EUR
2013-04-25 Årsstämma 2013
2013-04-25 Kvartalsrapport 2013-Q1
2013-02-13 Bokslutskommuniké 2012
2012-10-19 Kvartalsrapport 2012-Q3
2012-07-20 Kvartalsrapport 2012-Q2
2012-04-25 Ordinarie utdelning HUH1V 0.46 EUR
2012-04-24 Kvartalsrapport 2012-Q1
2012-04-24 Årsstämma 2012
2012-02-15 Bokslutskommuniké 2011
2011-10-20 Kvartalsrapport 2011-Q3
2011-07-21 Kvartalsrapport 2011-Q2
2011-04-21 Ordinarie utdelning
2010-03-25 Ordinarie utdelning
2009-04-06 Ordinarie utdelning
2008-04-01 Ordinarie utdelning
2007-04-13 Ordinarie utdelning
2006-03-28 Ordinarie utdelning
2005-03-31 Ordinarie utdelning
2004-03-23 Ordinarie utdelning
2003-03-31 Ordinarie utdelning
2002-03-26 Ordinarie utdelning
2001-04-04 Ordinarie utdelning
2000-04-13 Ordinarie utdelning HUH1V 1.05 EUR
1999-03-19 Ordinarie utdelning HUH1V 1.01 EUR
1998-04-03 Ordinarie utdelning
1997-04-10 Ordinarie utdelning
1996-04-11 Ordinarie utdelning
2022-07-21 07:30:00

HUHTAMÄKI OYJ HALF-YEARLY REPORT 21.7.2022 AT 8:30

Huhtamäki Oyj’s Half-yearly Report January 1–June 30, 2022: Strong performance continued

Q2 2022 in brief

  • Net sales increased 31% to EUR 1, 147 million (EUR 877 million)
  • Adjusted EBIT was EUR 103 million (EUR 80 million); reported EBIT was EUR 97 million (EUR 75 million)
  • Adjusted EPS was EUR 0.63 (EUR 0.53); reported EPS was EUR 0.58 (EUR 0.50)
  • Comparable net sales growth at Group level was 17% and 16% in emerging markets
  • The impact of currency movements on the Group’s net sales was EUR 68 million and EUR 6 million on EBIT

H1 2022 in brief

  • Net sales increased 31% to EUR 2,197 million (EUR 1,679 million)
  • Adjusted EBIT was EUR 200 million (EUR 157 million); reported EBIT was EUR 190 million (EUR 147 million)
  • Adjusted EPS was EUR 1.26 (EUR 1.02) reported EPS was EUR 1.21 (EUR 0.95)
  • Comparable net sales growth at Group level was 18% and 17% in emerging markets
  • The impact of currency movements on the Group’s net sales was EUR 103 million and EUR 9 million on EBIT
  • Capital expenditure was EUR 128 million (EUR 85 million)
  • Free cash flow was EUR -66 million (EUR 35 million)


Key figures

            
EUR million Q2 2022 Q2 2021ChangeH1 2022 H1 2021 Change2021
Net sales 1,147.3 876.931%2,197.0 1,679.0 31%3,574.9
Comparable net sales growth 17% 14% 18% 6%  7%
Adjusted EBITDA1 153.8 121.027%300.4 238.8 26%488.4
Margin1 13.4% 13.8% 13.7% 14.2%  13.7%
EBITDA 149.2 114.331%293.8 229.0 28%469.6
Adjusted EBIT2 102.7 79.829%200.3 156.8 28%315.3
Margin2 9.0% 9.1% 9.1% 9.3%  8.8%
EBIT 96.5 74.929%190.1 146.5 30%296.0
Adjusted EPS3 0.63 0.5318%1.26 1.02 23%2.07
EPS, EUR 0.58 0.5018%1.21 0.95 29%1.91
Adjusted ROI2     11.1% 12.3%  11.3%
Adjusted ROE3     15.4% 15.6%  15.1%
ROI     10.7% 10.1%  10.6%
ROE     14.5% 12.7%  13.9%
Capital expenditure 51.5 51.8-1%127.9 84.9 51%259.4
Free Cash Flow -20.0 28.6<-100%-65.7 35.2 <-100%-26.1
            
1 Excluding IAC of -4.6 -6.8 -6.6 -9.7  -18.7
2 Excluding IAC of -6.2 -4.9 -10.2 -10.3  -19.3
3 Excluding IAC of -4.5 -3.8 -4.2 -7.9  -17.1

Unless otherwise stated, all comparisons in this report are compared to the corresponding period in 2021. Figures of return on investment (ROI), return on equity (ROE) and return on net assets (RONA) as well as net debt to EBITDA presented in this report are calculated on a 12‑month rolling basis.

IAC includes, but is not limited to, material restructuring costs and acquisition related costs (gains and losses on business combinations, professional and legal fees, material purchase price accounting adjustments for inventory, material purchase price amortization of intangible assets and changes in contingent considerations) as well as material impairment losses and reversals, gains and losses relating to sale of intangible and tangible assets and fines and penalties imposed by authorities.

The figures in the tables are exact figures and consequently the sum of individual figures may deviate from the sum presented. Key figures have been calculated using exact figures.

Charles Héaulmé, President and CEO

“We continued delivering a strong performance in the second quarter of 2022, despite volatile market conditions. We faced strong headwinds created by supply chain constraints, challenges with raw material availability and geopolitical turmoil.

Net sales increased by 31% in the second quarter. In comparable terms, growth reached 17%, driven by pricing actions. In most markets, demand developed favorably and has returned to pre-pandemic levels, however with some exceptions, particularly in China. Tensions on raw material availability limited our capacity to further grow volumes according to the demand, most notably in North America. We continued to mitigate the significant inflation which impacted all our major input costs, including raw materials, freight costs, energy and labor. We protected our profitability through operational efficiency improvements and pricing actions, with the adjusted EBIT increasing by 29%. Cash flow remained impacted by increased working capital and capital expenditure.

We continued our organic investment into sustainable product innovation and business expansion. For example, we announced the expansion of our molded fiber product manufacturing unit in Hammond, Indiana, US. This investment in fiber technology supports market demand for more sustainable solutions in North America, such as egg cartons and cup carriers. The planned USD 100 million investment will start ramping up towards the end of 2023.

To secure our long-term financing, we launched a sustainability-linked EUR 500 million bond. It also underlines our commitment to embed sustainability in everything we do.

We initiated in April a divestiture process of our operations in Russia, for which the process is ongoing. We maintain our operations during this transitional period, to meet our contractual and regulatory obligations and to safeguard our employees and customers.

We are pleased by our strong and consistent performance during the first half of the year. Our ability to handle adverse and volatile conditions emphasizes the agility of our team, the efficiency of our global footprint and the resilience of our diverse portfolio. While uncertainty remains high in the global economy, we continue to execute on our long-term growth strategy.”

Financial review Q2 2022


Net sales by business segment

        
EUR million  Q2 2022 Q2 2021Change 
Foodservice Europe-Asia-Oceania  288.8 235.623% 
North America  374.8 295.227% 
Flexible Packaging  390.7 270.744% 
Fiber Packaging  95.4 80.419% 
Elimination of internal sales  -2.5 -5.0  
Group  1,147.3 876.931% 


Comparable net sales growth by business segment

         
  Q2 2022 Q1 2022Q4 2021Q3 2021Q2 2021 
Foodservice Europe-Asia-Oceania 18% 18%12%2%40% 
North America 14% 24%11%5%9% 
Flexible Packaging 19% 18%12%7%6% 
Fiber Packaging 16% 8%2%2%1% 
Group 17% 19%12%4%14% 

The Group’s net sales increased 31% to EUR 1,147 million (EUR 877 million) during the quarter and comparable net sales growth was 17%. Overall, demand continued on a good level, although with weakness in some categories and geographies. Net sales growth was mainly driven by pricing, supported by changes in currencies and the Elif acquisition. Comparable sales growth in emerging markets was 16%. Foreign currency translation impact on the Group’s net sales was EUR 68 million (EUR -35 million) compared to 2021 exchange rates.


Adjusted EBIT by business segment

        
      Items affecting comparability
  Q2 2022 Q2 2021ChangeQ2 2022Q2 2021
Foodservice Europe-Asia-Oceania 25.3 19.927%-3.5-1.4
North America 41.9 38.210%--0.6
Flexible Packaging 26.9 16.662%-2.3-1.7
Fiber Packaging 12.8 8.355%-0.3-0.5
Other activities -4.2 -3.2 -0.1-0.7
Group 102.7 79.829%-6.2-4.9

 

Adjusted EBIT margin by business segment

         
  Q2 2022 Q1 2022Q4 2021Q3 2021Q2 2021 
Foodservice Europe-Asia-Oceania 8.7% 10.0%7.7%8.5%8.4% 
North America 11.2% 11.5%10.8%12.2%13.0% 
Flexible Packaging 6.9% 7.8%7.1%6.0%6.1% 
Fiber Packaging 13.4% 8.2%11.7%9.5%10.3% 
Group 9.0% 9.3%8.2%8.5%9.1% 

The Group’s adjusted EBIT increased to EUR 103 million (EUR 80 million) and reported EBIT was EUR 97 million (EUR 75 million) in the quarter. Adjusted EBIT improved driven by sales growth, continued focus on operational efficiency and with the support from acquisitions. The Group’s adjusted EBIT margin decreased and was 9.0% (9.1%). Foreign currency translation impact on the Group’s earnings was EUR 6 million (EUR -4 million).

Adjusted EBIT excludes EUR -6.2 million (EUR -4.9 million) of items affecting comparability (IAC).


Adjusted EBIT and IAC

      
EUR million Q2 2022 Q2 2021 
Adjusted EBIT 102.7 79.8 
Acquisition related costs 0.0 -1.3 
Restructuring gains and losses, including writedowns of related assets -3.6 -2.7 
PPA amortization -1.5 - 
Settlement and legal fees of disputes -0.1 -0.4 
Property damage incidents -1.0 -0.6 
EBIT 96.5 74.9 

Net financial expenses were EUR 12 million (EUR 6 million) in the quarter. Tax expense was EUR 22 million (EUR 16 million). Profit for the second quarter was EUR 63 million (EUR 53 million). Adjusted earnings per share (EPS) was EUR 0.63 (EUR 0.53) and reported EPS EUR 0.58 (EUR 0.50). Adjusted EPS is calculated based on adjusted profit for the period, which excludes EUR -4.5 million (EUR -3.8 million) of IAC.


Adjusted profit and IAC

      
EUR million Q2 2022 Q2 2021 
Adjusted profit for the period attributable to equity holders of the parent company 65.3 55.4 
IAC in EBIT -6.2 -4.9 
IAC in Financial items  0.3 - 
Taxes relating to IAC 1.5 1.2 
Profit for the period attributable to equity holders of the parent company 60.8 51.7 


Financial review H1 2022


Net sales by business segment

       
EUR million H1 2022 H1 2021Change 
Foodservice Europe-Asia-Oceania 543.5 443.123% 
North America 712.3 551.329% 
Flexible Packaging 768.4 537.843% 
Fiber Packaging 186.4 158.917% 
Elimination of internal sales -13.6 -12.1  
Group 2,197.0 1,679.031% 


Comparable net sales growth by business segment

       
  H1 2022 H1 2021H1 2020 
Foodservice Europe-Asia-Oceania 18% 17%-17% 
North America 19% 4%1% 
Flexible Packaging 19% 3%2% 
Fiber Packaging 12% 3%10% 
Group 18% 6%-3% 

The Group’s net sales increased 31% to EUR 2,197 million (EUR 1,679 million) during the reporting period, and comparable net sales growth was 18%, Net sales growth was mainly driven by pricing, supported by increased sales volumes, changes in currencies and the Elif acquisition. Comparable sales growth in emerging markets was 17%. Foreign currency translation impact on the Group’s net sales was EUR 103 million (EUR -81 million) compared to 2021 exchange rates.


Adjusted EBIT by business segment

           
       Items affecting comparability 
EUR million H1 2022 H1 2021Change H1 2022 H1 2021 
Foodservice Europe-Asia-Oceania 50.9 37.635% -3.5 -5.6 
North America 80.8 69.416% -0.0 -0.6 
Flexible Packaging 56.4 38.347% -5.1 -2.8 
Fiber Packaging 20.3 17.715% -0.3 -0.5 
Other activities -8.0 -6.2  -1.2 -0.7 
Group 200.3 156.828% -10.2 -10.3 


Adjusted EBIT margin by business segment


 
      
  H1 2022 H1 2021H1 2020 
Foodservice Europe-Asia-Oceania 9.4% 8.5%6.1% 
North America 11.3% 12.6%11.7% 
Flexible Packaging 7.3% 7.1%7.5% 
Fiber Packaging 10.9% 11.2%11.1% 
Group Total 9.1% 9.3%8.8% 

The Group’s adjusted EBIT increased to EUR 200 million (EUR 157 million) and reported EBIT was EUR 190 million (EUR 147 million). Adjusted EBIT improved driven by sales growth and continued focus on operational efficiency as well as with the support from acquisitions. The Group’s adjusted EBIT margin decreased and was 9.1% (9.3%). Foreign currency translation impact on the Group’s earnings was EUR 9 million (EUR -8 million).

Adjusted EBIT excludes EUR -10.2 million (EUR -10.3 million) of items affecting comparability (IAC).


Adjusted EBIT and IAC

      
EUR million H1 2022 H1 2021 
Adjusted EBIT 200.3 156.8 
Acquisition related costs -0.5 -1.6 
Restructuring gains and losses, including writedowns of related assets -5.0 -7.7 
PPA amortization -3.4 - 
Settlement and legal fees of disputes -0.2 -0.4 
Property damage incidents -1.0 -0.6 
EBIT 190.1 146.5 

Net financial expenses were EUR 15 million (EUR 14 million). Tax expense was EUR 44 million (EUR 31 million). The effective tax rate was 25% (23%). Profit for the period was EUR 131 million (EUR 101 million). Adjusted earnings per share (EPS) were EUR 1.26 (EUR 1.02) and reported EPS EUR 1.21 (EUR 0.95). Adjusted EPS is calculated based on adjusted profit for the period, which excludes EUR -4.2 million (EUR -7.9 million) of IAC.


Adjusted profit and IAC

      
EUR million H1 2022 H1 2021 
Adjusted profit for the period attributable to equity holders of the parent company 131.0 106.5 
IAC in EBIT -10.2 -10.3 
IAC in Financial items 4.6 - 
Taxes relating to IAC 1.4 2.4 
Profit for the period attributable to equity holders of the parent company 126.8 98.7 


Outlook for 2022 (unchanged)

The Group’s trading conditions are expected to improve compared to 2021, however with continued volatility in the operating environment. Huhtamaki's diversified product portfolio provides resilience and the Group’s good financial position enables addressing profitable growth opportunities.

Teleconference

A combined audiocast and teleconference will be held on Thursday, July 21, 2022 at 9:30 Finnish time. At which, Huhtamaki´s President and CEO Charles Héaulmé and CFO Thomas Geust will present the results. The event will be followed by a question and answer session. The event will be held in English, and it can be followed real-time at:

https://huhtamaki.videosync.fi/2022-q2

If you wish to ask questions, please dial one of the following numbers 5-10 minutes prior to the call start:

Finland Toll: +358981710310
Sweden Toll: +46 856642651
United Kingdom Toll: +44 3333000804
United States Toll: +1 6319131422

Confirmation code for the call is 23337170#

Financial reporting in 2022

In 2022, Huhtamaki will publish financial information as follows:

Interim Report, January 1 − September 30, 2022        October 21

This is a summary of Huhtamäki Oyj's Half-yearly Report January 1-June 30, 2022. The complete report is attached to this release and is also available at the company website at: www.huhtamaki.fi

For further information, please contact: 
Kristian Tammela, VP, Investor Relations, tel. +358 10 686 7058


HUHTAMÄKI OYJ
Global Communications

About Huhtamaki


Huhtamaki is a key global provider of sustainable packaging solutions for consumers around the world, enabling wellbeing and convenience. Our innovative products protect on-the-go and on-the-shelf food and beverages, ensuring hygiene and safety, and help prevent food waste. We embed sustainability in everything we do. We are committed to achieving carbon neutral production and designing all our products to be recyclable, compostable or reusable by 2030.

We are a participant in the UN Global Compact and EcoVadis has awarded Huhtamaki with the Gold medal for performance in sustainability. To play our part in managing climate change, we have set science-based targets that have been approved and validated by the Science Based Targets initiative.

With 100 years of history and a strong Nordic heritage we operate in 38 countries and 114 operating locations around the world. Our values Care Dare Deliver guide our decisions and help our team of 20,000 employees make a difference where it matters. Our 2021 net sales totaled EUR 3.6 billion. Huhtamaki Group is headquartered in Espoo, Finland and our parent company, Huhtamäki Oyj, is listed on Nasdaq Helsinki Ltd. Find out more about how we are protecting food, people and the planet at www.huhtamaki.com.